July 12: Paid amount owed to Tabby Company. Activity Operating v Accounts Cash Decrease, Account Payable Decrease Statement(s) Balance Sheet only v Feedback Check My Work How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank or enter "0". If the effect is gative, use the minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item.
July 12: Paid amount owed to Tabby Company. Activity Operating v Accounts Cash Decrease, Account Payable Decrease Statement(s) Balance Sheet only v Feedback Check My Work How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank or enter "0". If the effect is gative, use the minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:July 12: Paid amount owed to Tabby Company.
Activity
Operating v
Accounts
Cash Decrease, Account Payable Decrease
Statement(s)
Balance Sheet only v
Feedback
Check My Work
How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank or enter "0". If the effect is
gative, use the minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item.
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